India expected to become 50% non-cash economy in consumption by 2026

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India is expected to become a 50 per cent non-cash economy in consumption in the next three years. According to a new report, the person-to-merchat digital transactions could reach over $1.5 trillion by the Financial Year 2026.

According to a new report from Bain & Company, the household consumption of the country is expected to reach more than $3 trillion by FY26. This is because of India’s upper-middle and high-income segments, as UPI transactions make up a significant portion at around $1 trillion person-to-merchant payments.

Saurabh Trehan, Partner and Leader of the Financial Services (FS) practice, Bain & Company, said, “With the current technical and financial momentum, India is expected to become a nearly 50 per cent non-cash economy in consumption in the next three years with approximately 350-400 million digital consumers,” reported IANS.

Trehan also said that this growth could further go upto 60-75 per cent in case of continued government incentives, as well as higher traction for UPI 2.0, 123 Lite, credit on UPI, Central Bank Digital Currency (CBDC).

UPI payments in India have seen significant growth in the last few years. According to IANS, the total annualised transaction value reached upto $1.7 trillion, and its person-to-merchant climbed to $380 billion, which is almost twice the amount of credit cards.

New innovations, such as UPI, UPI 123 Pay, UPI Lite and UPI coin vending machines can further accelerate the adoption of digital payments.

The report also suggests that credit card payments in the country are also expected to grow. It could reach around $270-$280 billion by FY26.

With inputs from agencies

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